NZAuASB Update 6/2019

  • Auditing
  • Review
  • Professional & Ethical
  • Other Assurance
This NZAuASB Update provides you with an overview of the New Zealand Auditing and Assurance Standards Board’s recent activities, any new standards or FAQs, as well as other matters of interest.

NZAuASB June Meeting

NZAuASB icon Applies to:

AuditingProfessional & EthicalOther Assurance


The next NZAuASB meeting will be held on Wednesday 5 June in Wellington.

The agenda includes:

  • Consideration of the NZAuASB’s draft submissions on:
    • the IAASB’s quality management exposure drafts
    • the IAASB’s consultation paper on EER
    • the IESBA’s exposure draft, revisions to Part 4B of the Code
  • Consideration of an exposure draft amending New Zealand Standard on Review Engagements (NZ SRE) 2410, Review of Financial Statements Performed by the Independent Auditor of the Entity
  • Meeting with Rob Everett, Chief Executive, Financial Markets Authority
  • An update from the recent IAASB and IESBA National Standard Setters meeting
  • Consideration of the Board’s progress against its strategic implementation plan.

The public agenda, meeting papers and the meeting highlights will be uploaded to our website early next week. 


Quality Management

 Just a friendly reminder sticky note Applies to:

AuditingReviewOther Assurance


The final roundtable discussion on the IAASB’s quality management proposals will be held on Monday 27 May. This roundtable is targeted at large firms and the Office of the Auditor-General.

You can attend in person at the XRB offices in either Auckland or Wellington.

Register here


The IESBA eCode is coming...

IESBA eCode diagram

 Applies to: 

Professional & Ethical


An innovative approach to engaging with ethics is about to become a reality.

The IESBA has announced the launch of its eCode in June 2019 – a bold innovation that offers professional accountants a new way to engage with the International Code of Ethics for Professional Accountants (including International Independence Standards) (the “Code”).

The eCode is a web-based tool that is designed to deliver the revised and restructured Code in a digital format. It contains the official text of the Code together with links to resources and tools that are prepared by the IESBA staff (i.e. non-authoritative) just to enhance your user experience.

The eCode will be accessible to everyone. It will assist in studying and understanding the Code, thereby making it easier to adopt, implement and enforce. It is designed for all users, including those who are new and infrequent, as well as the more experienced users.

Have a look


Less Complex Entities (LCEs)

Audits of LCEs cover Applies to:

Auditing


We reported on this in our last issue.

The International Auditing and Assurance Standards Board (IAASB) has published a Discussion Paper, Audits of Less Complex Entities: Exploring Possible Options to Address the Challenges in Applying the International Standards on Auditing (ISAs).

Have a look

The IAASB seeks to further understand the challenges of using ISAs in audits of less complex entities—and views about possible actions to address these challenges.

The IAASB recognises the global call for action to address issues of complexity, length, understandability, scalability, and proportionality related to using the ISAs.

Continuing the debate on these strategic issues, the Discussion Paper explores how the IAASB, and others, could further support auditors working in increasingly evolving environments.

The NZAuASB is planning outreach events to obtain feedback from New Zealand stakeholders on this very important topic.

This is your opportunity to shape the way forward for the audits of less complex entities in New Zealand.

More information about our planned outreach events will be coming soon.

You can either respond directly to the IAASB on the Discussion Paper by 12 September 2019, or you can share your views with the NZAuASB, in writing or through our planned outreach events. Responses to the NZAuASB are required by Thursday 22 August.

The NZAuASB will consider all feedback when submitting its response to the IAASB.


Have your say

 Have your say icon Applies to:

AuditingReviewProfessional & EthicalOther Assurance


Now is your chance to have your say on the following topics:


How can I submit my views?

Submit your views icon

We have recently upgraded the way you can provide feedback on consultation documents.

We have designed a secure online form to make your upload safe, quick and easy. The upload form will now appear with every consultation which open for comment.

We encourage you to use the new online submission process.

You can:

  • Upload an MS Word document (and a PDF file, if you wish); or
  • Write your comments directly in the comments field provided.

This NZAuASB Update is intended to provide subscribers with a summary of the recent activities of the New Zealand Auditing and Assurance Standards Board (NZAuASB). Links to websites are correct at the time of publication. Subscribers should not rely on this newsletter as a definitive publication of updates. The External Reporting Board and its sub-Board the NZAuASB do not guarantee, and accept no legal liability whatsoever arising from or connected to, the accuracy, reliability, currency, timeliness or completeness of this newsletter. The information contained in this newsletter does not constitute advice and should not be relied upon as such.